Edmonds claims Labour reduced debt!
The Herald reports:
Labour’s finance spokeswoman Barbara Edmonds has replaced a graph that incorrectly stated the Ardern-Hipkins Government reduced New Zealand’s debt levels by about $31 billion in its second term. …
In fact, depending on what measure you use, Labour’s second term saw a rapid increase in borrowing thanks to the pandemic, reducing the tax take and increasing expenses. Debt increased by $72b or $36b by two of the most common recent metrics.
It is a concern that Labour’s Finance Spokesperson doesn’t even realise debt increased massively under the former Labour Government.
In June 2017 net core crown debt was $59.5b. In June 2023 it was $155.3b.
That’s an average increase of:
- $15,970,000,000 a year
- $1,330,000,000 a month
- $306,000,000 a week
- $43,7000,000 a day
- $1,820,000 an hour
- $30,376 a minute
- $506 a second
And Labour are claiming they reduced debt!
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